Jay-Z Explains Brooklyn Nets Departure

Last week, Jay-Z announced he was selling his ownership stake in the Brooklyn Nets. Today, he's explaining his decision to move on from the team.

In an open letter posted on LifeandTimes.com, the Brooklyn-born rapper says becoming an owner was never about "an investment" and maintains he'll forever be a fan. "My job as an owner is over but as fan it has just begun," writes Jay-Z. "I'm a Brooklyn Net forever." He went on to thank several key people who helped make the team's transition from New Jersey to Brooklyn a success including Bruce Ratner, who came up with the idea. "And thank you and deepest appreciation goes to the fans. You are the lifeblood of any team," he summed up.

As for the business motives behind the transition, Jay-Z carefully explains Roc Nation is expanding to include sports representation—thus the creation of Roc Nation Sports. "Our newest endeavor is committed to building the brands of professional athletes as we have done for some of the today's top music artists," he explains. According to the NBA, agents cannot hold ownership stakes in teams. "NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets," he said. "It was a tough decision but as I stated earlier, it's not about ownership."

So far, Roc Nation Sports has one confirmed client—New York Yankees second baseman, Robinson Cano. "At this point in my career, I am ready to take a more active role in my endeavors both on and off the field," said Cano. "I am confident that the pairing of Roc Nation Sports and CAA Sports will be essential in helping me accomplish my short and long term goals."